Your investment objective could be anything – to save wealth, or to generate income or capital growth, but you would have to protect your income and capital effectively from getting worn away by taxation. There are many investors are paying more tax than required because they do not have any tax planning. There are many benefits if you can structure your invest-able assets in a tax-efficient manner.
When you have proper tax planning, you would be able to minimize the tax on your capital gains tax and income tax on your investments, pensions and savings. You do not want to pay income tax on your bank interest even when there is no withdrawal, and neither should you pay capital gains tax when you are just switching investments.
Financial planning is the most important part of your financial life. You would require financial planning services that could cover all aspects of your financial life starting from planning and budgeting for larger purchases to planning for unforeseen expenses and leaving an inheritance. The right financial planners can help in analyzing your existing finances and point out your strengths and vulnerabilities.
In case you do not know how to save your money, chances are that some of your financial decisions are leading to loss of money. In addition, when you receive an inheritance, the right financial planning services would help you in managing the money more responsibly. They can help in increasing its value through proper and safe investments.
One important and safer instrument in your investment is in the form of mutual funds India. It holds true of the old saying that tells not to put all the eggs in the same basket. In a mutual fund, as you would not be investing your money in the same company, but in different ones, you would be exposed to lesser amount to risk. Here, your portfolio would consist of a number of companies and even if a few bring you losses, others would maintain your profits.
When it comes to children insurance plan, even though they may be relatively expensive, buying insurance for your child at a young age would ensure their future. Even if you choose a term insurance, it can continue throughout the life of the child, even though its cost may increase towards the end of each term. A good strategy would be to purchase a new policy when the previous policy comes to an end, especially if your child has good health.
Mansell Associates offers financial planning advice to help personalize your portfolio and grow your money at the right level of risk to achieve optimal returns.